Fortis is acquiring the stake from NYLIM Jacob Ballas India Fund III LLC, International Finance Corporation, and Resurgence PE Investments for?1,780 crore, valuing Agilus at approximately?5,700 crore. Agilus focuses on setting up, managing, and maintaining clinical reference laboratories and other facilities for diagnostic and testing services.
New Delhi: Fortis Healthcare has approached the Competition Commission of India (CCI) to approve its proposed acquisition of an additional 31.52% stake in its diagnostics subsidiary, Agilus, from private equity investors.
In its recent application to the CCI , Fortis stated that this acquisition would raise its stake in Agilus Diagnostics from 56.68% to 89.2%. The company assured that the deal would not cause, nor is it likely to cause, "an appreciable adverse effect on competition in any market in India."
Fortis primarily runs its diagnostics business through Agilus, which offers over 3,600 routine and specialized diagnostic tests, including wellness packages. According to the application, Fortis provides integrated healthcare services, operating a network of multispecialty hospitals and offering preventive healthcare and diagnostics services.
Aavas stake acquisition is also under review.
In another application, Aquilo House Pte sought approval from the antitrust regulator to acquire a stake in Aavas Financiers, a non-deposit-taking housing finance company. Aquilo, part of CVC Capital Partners Asia VI, announced last month that it had entered definitive agreements to purchase a 26.47% stake in Aavas. The shares will be acquired from affiliates of Kedaara Capital and Partners Group.
The definitive agreements trigger an obligation for Aquilo to make an open offer under India’s takeover regulations.
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